One-On-One Interview: Ahmed Gamal, Rentd

Ahmed Gamal, founder of Rentd, speaks to WhatHouse? About why he’s looking to modernise an ‘old fashioned’ rental industry for the next generation of landlords and tenants…

Ahmed, you founded Rentd, a new app which you hope will revolutionise the way we rent – can you tell us a bit more?

It all started when my wife and I were looking for a new home to move into together. Following days of going through property after property, some of which were already let, we created a short list and started to contact relevant agencies. After numerous exchanged emails back and forth, phone calls at unsociable hours, providing our details repeatedly, frustration started to creep in and that only continued with every lengthy hurdle and longwinded form-filling step of the process. I just knew there was a more efficient way of renting a property and with the right technology and due diligence, I could bring my ten years of experience into the London residential sector and modernise an old-fashioned industry. Three years later, with a lot of dedication, Rentd was born.

Does Rentd effectively make the traditional letting agent redundant?

Rentd is here to make landlords, tenants and assets managers’ lives simpler. The app puts decision makers in direct communication to make the full transaction efficient and safe. We believe that we are modernising the traditional journey of renting, especially the aspects which are time consuming and frustrating to all parties, resulting in a seamless experience.

Renting can be very stressful and time-consuming for many people; you describe the app as being 'safe, secure and seamless' – how so?

We understand that for almost all landlords their property or properties are their prized possessions. Property in England, especially in London, is the largest financial commitment for any landlord. We have ensured that all necessary checks in our app are of the highest level of security and safety for our users. For this reason, we use one of the most reputable tenant referencing agencies out there, UK Tenant Data. This agency’s tenant screening and due diligence processes are the most advanced in the industry. Tenants simply input all the information requested via our app and receive their results again via Rentd. Also, as we carry out viewings we cross-check the tenants when being referenced. Finally, upon check-in we offer Right to Rent checks in addition to final verifications of all paperwork prior to the move in. With regard to payments, tenants are informed of the total amount payable and are requested to deposit this sum directly into the Rentd account, which in turn is forwarded to the landlord’s account directly. Finally, we take personal data extremely serious and ensure all data input by our users is secure and not to be shared.

Are there any costs involved for landlords and tenants using the app?

Landlords pay a one-off £799 fixed fee for a comprehensive listing of a property and this fee is only paid once their property is rented. Once a tenant selects their property, decisions can be made quickly with real-time negotiation; where landlords have the opportunity to accept, decline or counter-offer a tenant’s bid. Typically, the average London fee is 8% chargeable to the landlord; based on average London rental per month of £1425, this equates to a fee of £1,368 being charged by the agent. So, with Rentd this generates an average saving of £569 which equates to 39.9% – plus the services offered with Rentd are ones which agents do not offer in that 8% fee, such as virtual tours. For tenants too, the process is also simple – there are no fees whatsoever to use the app.

With all associated rental costs transacted through the app, how do you ensure the system is secure for users?

We are proud to use one of the most reputable tenant referencing agencies out there, UK Tenant Data if required, this ensures all users are fully vetted. In addition, all in-person viewings are managed by Rentd and all credit checks, referencing, digital signing of rental agreements, and a full inventory along with an inventory clerk check-in are provided. The app also has Reposit built-in, meaning tenants can pay efficiently ‘in app’ and pay a one-week non-refundable deposit, instead of the traditional six weeks deposit.

Rentd harnesses Matterport technology to allow prospective tenants to take virtual tours of properties they're interested in. Do you offer viewings in person too?

Yes, we do offer viewings in person, and the app is linked to Waze and Uber to make that a seamless experience too. Often, prospective tenants will use the cutting-edge 360 technology by Matterport to virtually walk-through a property before making the commitment to do a physical viewing.

Are you providing the latest industry guidance to landlords and tenants relating to COVID-19?

Yes. Anything related to COVID-19 and renting is at the forefront of our business operations. We are confident that we can fulfil all the new guidelines for viewings. For example, our team carry hand sanitiser with them to offer when undertaking a viewing and minimise viewings when properties are occupied.

Do you feel the app will appeal to certain types of tenants and properties?

Rentd was launched for the next generation of renters, but in all honesty, we have seen a varied range of age brackets using the app to either find a property or listing a property for rental. As a result, we are building a web-based platform to offer even greater flexibility in terms of how people want to access our platform.

What other changes to the rental industry do you foresee in the next ten years?

We predict that a lot more automation will be introduced into the proptech user experience. Algorithms will get smarter to guide users even more efficiently, and even now there is more enhanced AI being built into our platform as we speak.

And finally, will you be looking to add any more technological features to the app in the coming months?

Yes, we are working with a number of exciting partners to offer even greater innovations at every step of the rental process – and will be announcing this soon. In a more physical sense, we will be expanding out to Dubai which, like London has a vast rental market with a digitally savvy audience.